Question 1

Do I have to sell my home to get a reverse mortgage?

Accepted Answer

No. You keep the title and stay in the home. The loan is repaid when you sell, move out, or pass away.

Question 2

What happens if my home value exceeds the HECM limit?

Accepted Answer

You may qualify for a proprietary jumbo reverse mortgage. These aren't FHA-backed but can access more of your equity.

Question 3

Can I still leave the home to my heirs?

Accepted Answer

Yes. Heirs can repay the loan and keep the home. They can also sell it and keep any remaining equity.

Question 4

What are the upfront costs in Cupertino?

Accepted Answer

HECM costs include an origination fee, MIP, and closing costs. On high-value homes, these can be significant — compare lenders carefully.

Question 5

Is HUD counseling really required?

Accepted Answer

Yes, for HECMs it's mandatory. It typically runs 60–90 minutes and covers loan terms, alternatives, and your obligations.

Question 6

Do both spouses need to be on the reverse mortgage?

Accepted Answer

Not required, but strongly advised. A non-borrowing spouse faces risk of displacement if not properly listed on the loan.

Reverse Mortgages in Cupertino — Turn Equity Into Income